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RE: Why Governments WON'T Ban Bitcoin (in all likelihood)

in Threespeak4 years ago (edited)

The US government hasn't exhibited any signs of wanting to shut down Bitcoin, yet. If it really wanted to do so, why has it not made any moves toward banning it, yet? Could it actually be that Bitcoin is useful to the US government in some way? China has banned Bitcoin exchanges on its soil because Bitcoin is used as an instrument to circumvent capital controls in the country. China and the US are at odds in many ways in today's world. Why would the US help China by banning an instrument that is used to circumvent Chinese government policies aimed at maximizing growth and the transfer of technology from the US and the rest of the world to China? China is seeking to industrialize as rapidly as possible and some of their trade policies are seen as unfair by the US government. While the US is clearly not interested in derailing that process, it is certainly not interested in helping China, either.

Interestingly, the most positive or the most permissive attitudes toward Bitcoin and other cryptocurrencies are in developed countries like the US, Canada, the EU, the UK, Australia, Japan - not to mention South Korea. The likes of China and India have had the strictest regulations in place on cryptocurrency. In Bangladesh, dealing in crypto is punishable by long prison sentences.

And yes, I think you also presented valid points. The industry is a source of tax revenue for governments. Why would they move to ban it for very good reasons? I think the US dollar being replaced by Bitcoin as the dominant reserve currency will be a gradual process with no clear point of no return.

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